Barclays to cut some mortgage rates below 4%

From Friday Barclays is cutting mortgage rates to under 4% and the average fixed-rates will drop.

Barclays will offer a two-year fixed rate mortgage at 3.99% from 4.11%.

A five-year fixed rate mortgage at 3.99% from 4.12% will be available from Friday for homebuyers who have a 40% deposit, and the fee will be £899.

The Barclays premier two-year fixed rate mortgage is to be reduced from 4.10% to 3.98% for those that have a 40% deposit, with a fee of £899.

The Barclays five-year premier mortgage rate will fall from 4.11% to 3.98% for homebuyers who have a 40% deposit with a fee of £899.

The three-year premier deal will be reduced to 3.99% from 4.32% for those who have a 40% deposit and comes with a £999 fee.

People will need to open a premier account to join Barclays premier and will have to have an income of at least £75,000 and a balance of £100,000 in savings with Barclays.

Ian Futcher, a financial planner at wealth manager Quilter, said, “As swap rates have dropped, some lenders have moved to cut mortgage rates, with more likely to follow if market conditions persist.

“Homeowners with variable or tracker deals could benefit further should the Bank of England act.”